Every commercial property is unique; that means that every property leasing should be carefully handled by the real estate agent on behalf of the landlord. Tenants are selective today and shop around extensively to find the right premises at the best rent deal.
In this property market the things I have learned about tenants, landlords, and leasing commercial premises can be seen in the following points:
Tenants will take time to make a decision in this market. This is where the real estate agent has to work harder and bring excellent negotiation skills to the table.Tenants will shop around the market with a number of agents to check out every possible vacant tenancy to lease. Whilst they will not usually tell you that they are doing this, expect that they are.
Incentives in this market have to be flexible and variable. Every tenant will have a different set of incentive criteria before they sign a lease.
The lease is not a commitment until it is completely and correctly signed by both parties with the rent payment, deposit payment, bank guarantees or bonds, disclosures served, and plans approved.
Never give the tenant occupancy or the keys to the premises until the lease matters have been fully satisfied.
Landlords that are pushing an unrealistic high rent are likely to suffer extensive vacancy periods. Ultimately they have to bring the rent down; it is just a matter of time.
Exclusive agency appointments are the best way to tap into the target market for the property at this time. Open listings that have been listed with many agencies do not get the market exposure and penetration that they deserve.
Solicitors that take too long to get a lease prepared for the landlord of a property should be avoided at all times. Timely response is critical to keeping lease negotiations on track for the landlord.
Not all real estate agents in this market have the full experience to target market a property comprehensively to the right tenants
The database that an agent has at this time should be maintained in an up to date form so that potential tenants can be sourced when the situation arises.
Leasing fees for agents should not be the primary reason for a landlord choosing that agent to lease the property. Time on market and target marketing methods are better reasons to make a choice of a particular agent to lease the property.
Real estate agents can bring considerable value to the landlord when leasing property. The right choice of agent by the landlord will fast track the property leasing.
John Highman is an expert real estate author, conference speaker, and coach. He helps Real Estate Agents to improve their market share, listings, and commissions. You can get a free ebook of real estate tips and tools right here at http://www.commercial-realestate-training.com/
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